Romanian IT firm Bittnet fully takes over peer-company Gecad Net

Local company Bittnet Systems (BNET), a provider of IT&C solutions and training, has fully taken over Gecad Net, an IT integration company. The deal amounted to EUR 600,000. Bittnet got the money for this transaction through a bond issue. The company has attracted RON 4.5 million (EUR 1 million) from investors through a five-year bond issuance with an annual interest rate of 9%. The bond offer was private, with underwritings from 19 investors. Gecad Net had a turnover of EUR 4.2 million in 2015, according to the latest data available. The company is part of the investment portfolio of GECAD Group, owned by the local investor Radu Georgescu. Bittnet Systems is controlled by Romanian entrepreneurs Cristian and Mihai Logofatu. The firm recorded a turnover of RON 13.7 million (EUR 3 million) in 2016, up 36% over 2015. Its net profit rose by 12% to RON 1.2 million (EUR 265,500). Bittnet is the first IT company listed on Bucharest Stock Exchange’s alternative trading system dedicated to small and medium companies. The company has an estimated market value of EUR 3.2 million. editor@romania-insider.com